Steve Spiro’s Blog
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Why Are Mortgage Rates Stuck at Such High Levels?
The current average 30-year mortgage rate is 7.09%, leading to fewer buyers due to high costs and elevated home prices. Mortgage rates have increased significantly since 2022, but the Federal Reserve plans to cut rates in 2024, potentially lowering mortgage rates. To secure the best mortgage rate, shop around, improve credit score, and keep debts…
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California Construction Slowdown Threatens to Exacerbate Housing Crisis
California's housing construction is slowing down due to several factors. Rising labor and material costs, strict regulations, and high borrowing costs make it difficult for developers to make a profit.
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California First-Time Home Buyers: Claim $150K Vouchers!
The California Dream For All Shared Appreciation Loan program's Round 2 offers up to 20% of home purchase price in down payment assistance. $250M in state funds will be distributed through a random selection process.
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Top California Spots to Put Down Roots With Your Family
5. Santa Clarita Median household income: ~$106K Median rent price: ~$3.2K Avg property tax: 0.82%4. Redwood City Median household income: ~$134K Median rent price: ~$3.4K Avg property tax: 0.73%
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Amid High Interest Rates and Inflation, American Homeowners Would Rather Renovate Than Buy a New Home
55% of U.S. homeowners prefer renovating their current homes over moving or keeping them as is. High interest rates are impacting decisions, with many homeowners waiting for rates to drop before considering buying. Different generations have varying attitudes towards home renovations and finances. Continue to full article
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Homeowners Spend Nearly $18000 a Year on Costs Aside From Their Mortgage
A survey by Real Estate Witch reveals that homeowners spend an average of $17,958 annually on expenses beyond mortgage payments. Many new homeowners underestimate the true costs of owning a home, leading to financial strain and sacrifices. It is advised to budget for maintenance, renovations, property taxes, and utilities to avoid financial difficulties. Continue to…
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California’s Tax Ranking: High, but Not Highest
Considering various taxes along with lower income rates for smaller incomes, California ranks 37th. A household with the median income in California pays approximately $11,106 in total state and local taxes annually.
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Honoring Our Nation’s Heroes on Memorial Day.
This day honors the brave men and women who have sacrificed their lives to defend America's freedom.It became an official federal holiday in 1971. Americans observe Memorial Day by visiting cemeteries and memorials.
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Southern California Housing Market Heats Up in April 2024
The Southern California housing market is showing signs of improvement after a long period of decline. Median home prices have increased, with all counties experiencing gains. Home sales volume has also risen across the region, indicating a resurgence in buyer confidence. This positive trend is expected to continue in the coming months. Continue to full…
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Top Retirement Destinations in the Golden State
5. Palm Springs Median household income: ~$61.5K Median rent price: ~$3.1K Avg property tax: 1.04%4. Oxnard Median household income: ~$83K Median rent price: ~$3K Avg property tax: 0.78%
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